Everywhere we see these days all is gloom as far as the financial issues are concerned. However, for those who are proactive, it is a time of great opportunity to get small business loans. This is why that it is said that it is a good time to start one’s own new business in the State of Connecticut these days. Apart from the small business plan that is needed to start a business the other important thing is to get the right kind of funding to help you get started.
How to qualify for Business Loans in Connecticut
If the business shows signs and proves it to the lender that it has a bright future, there are different lending organizations that will be willing to give business loans in Connecticut provided that you come up to their expectations. Some basic factors that one needs to formulate include:
- A straight financial record
- No history of defaulting on the previous loans
- If the individual has to pay child support or any other such liability then the payments need to be updated
- A criminal record is going to diminish your chances of securing a loan
- The business plan needs to be a practical one
- There should some assert in your name that can be used as a guarantee
How to apply for Business Loans in Connecticut
There are two sources of business loans for people. One is the government small business loans and the other is the number of private organizations that deal with lending small business loans.
- For applying to the government, one will have to go through the commerce ministry of the State or the division that they have separated for this purpose.
- The private organizations have different details depending on the policy of the company. Some basic rules however, that most of them follow include, loan forms, the business plan, the financial statements and other personal verification documents.
List of Business Loan Organizations in Connecticut
- Connecticut Development Authority
- Express Funding Group
- Business Lenders
- Community Economic Development Fund
It is recommended that one explores the proactive side and instead of getting the hit from the economic problems, use this situation and turn it in one’s favor.